Turkish Central Bank lowers interest rates by 200 basis points

The Turkish Central Bank on Thursday lowered its one-week repo rate by 200 basis points, well above market expectation.

The policy rate-also known as the one-week repo rate-decreased to 16% from 18%, the bank said in a statement following its 10th Monetary Policy Committee (MPC) meeting this year.

Last week, among 26 economists surveyed by Anadolu Agency, six expected no change, while eight predicted the rate to fall by 50 basis points, one by 75 basis points, and 11 by 100 basis points, with the median being 50 basis points.